Euro zone inflation seems to have bottomed out: ECB's Smets

Addressing a conference in Ljubljana, Smets also noted that ECB rate-setters decided last week that very easy monetary policy was still needed to bring inflation to the bank’s target of just under 2 percent.

“Inflation appears to have bottomed out,” Smets, who is also Belgium’s central bank governor, said.

The ECB is debating whether and how to scale back its monetary stimulus programme, and a decision on the future of the 2.3 trillion euro ($2.73 trillion) scheme is expected in October.